I assume this is just with your regular two channel stereo? This is actually a very very complex question.
Ok... deep breath..... The simplest way to look at it is:
If you take the standard two channel set up, all you can do is vary the levels of different frequencies sent to each speaker. As a result, you can pan stuff left or right, not up or down. Right?
BUT there have been many listening tests taken, and dissertations written on how the frequency component of a signal affects the perceived vertical position. So without boring you with the actual essay, it's much easier to summarize as; it turns out that on average, a broadband (i.e. not just a single frequency tone) signal can be perceived as originating from a higher or lower position depending on its frequency content. As would sort of seem intuitive, a signal with more high-frequency content appears physically higher than a similar signal with more low-frequency content.
Why?....
Well now that is complicated.....
In fact it is much more complex than adding some top end to cymbal mics, and low end to kick mics to make them sound higher or lower.
There are a whole range of other influencing factors that could be playing a part, the biggest of which is the listener's pre-conceptions of where a cymbal should sound like it's coming from, compared to a kick drum. It's obvious right? If you expect to hear it physically higher, you will.
There are more subtleties to consider too, like the relative phase of all the drum mics, and how that affects the perceived vertical image, careful harmonic tuning makes a big difference compared to broadband eq'ing, and plenty of other stuff besides.
In short, it's complicated and a great deal of it is just in your head. It would have to be a pretty sophisticated plugin that could simulate that, rather than just messing around with frequency content.
If you're interested in two-channel three-dimensional recording, then google "binaural recording". It's generally used more with classical rather than 'pop' music, but no reason why you shouldn't give it a go. There's plenty of information on it out there!
Hope this answers your question to some extent, sorry there isn't a simple solution.